www.iva.co.uk

after living in the UK for 8 years(1998-2005), becoming a UK citizen.. I have moved back to the states where I was born. My bank account isn't active and I owe 8,000 pounds in a loan and 2,000 in a overdraft. I do not own any property in the UK and will not be working or living there in the foreseable future. How do I apply for bancrupcty from here in ther US and can the bank come after my assests here in the USA?

Hi mbc
This question will need an answer from one of out professional IPs,so please wait for one of them to respond.
Regards

Hi there mbc
I am not an IP ( insovency practitioner) but understand that as you now live abroad you would need to petition for your bankruptcy at the high court in London. The court fees are £485 paid in cash just before or on the day.
As a person living abroad you would need to give someone a power of attorney to act on your behalf and go through the process for you - or come back to the UK and do it yourself.

You could of course try to negotiate with your creditors and instead of going bankrupt perhaps they would accept an offer of "full and final" payment because of the position.

One would need to be careful re assets abroad. It is usual that the bankruptcy clerk asks if you have assets abroad ( usually only in the EU) and you definately do not want to be seen to hide assets, mislead the courts , or lie as this would be a serious offence and could easily result in you having he standard bankruptcy term of 12 months extended to several years.

Hope this helps

What assets do you have in the US, as they will form part of your bankruptcy estate and can be recovered by the Trustee.